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Share Name | Share Symbol | Market | Type |
---|---|---|---|
National Security Group Inc | NASDAQ:NSEC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 16.36 | 16.32 | 16.40 | 0 | 01:00:00 |
The National Security Group, Inc. (the Company) (Nasdaq: NSEC), today reported results for the quarter and nine months ended September 30, 2009 and 2008, based on accounting principles generally accepted in the United States of America, as follows:
Three Months Ended September 30 Nine Months Ended September 30 2009 2008 2009 2008 Premium Income $ 14,357,000 $ 11,707,000 $ 44,950,000 $ 42,261,000 Investment Income 1,376,000 1,332,000 4,214,000 3,616,000 Realized Investment (Losses) Gains 79,000 (1,452,000 ) (151,000 ) (1,026,000 ) Other Income 208,000 254,000 541,000 927,000 Total Revenues $ 16,020,000 $ 11,841,000 $ 49,554,000 $ 45,778,000 Net (Loss) Income $ 651,000 $ (6,945,000 ) $ 2,224,000 $ (6,199,000 ) Net (Loss) Earnings Per Common Share $ 0.26 $ (2.82 ) $ 0.90 $ (2.51 )The Company reported net income of $651,000 ($0.26 per share) for the three-months ended September 30, 2009 compared to a net loss of $6,945,000 ($2.82 per share) for same period last year. The improvement in net income is primarily related to the lack of hurricane activity and fewer investment write downs due to other-than-temporary impairments during the quarter ended September 30, 2009. Results for the quarter ended September 30, 2008 were adversely impacted by losses incurred from Hurricanes Gustav and Ike and $1,722,000 in other-than-temporary impairments on investments.
The Company reported net income of $2,224,000 ($0.90 per share) for the nine-months ended September 30, 2009 compared to a net loss of $6,199,000 ($2.51 per share) for the same period last year. As with results for the quarter, the improvement in year-to-date net income compared to the same period last year is related to the lack of hurricane activity and only $286,000 in other-than-temporary impairments compared to $1,722,000 being recognized in earnings.
Premium revenue for the three-month period ended September 30, 2009 increased $2,650,000 compared to the same period last year. Catastrophe reinstatement premium related to Hurricane Gustav reduced third quarter 2008 premium revenue by $1,600,000 in 2008 and was the primary contributor to lower premium revenue in 2008 compared to 2009.
Premium revenue for the nine-months ended September 30, 2009 increased 6.4% to $44,950,000 compared to $42,261,000 for the same period last year. Moderate increases in written premiums in the dwelling property lines of business during 2009 coupled with a reduction in ceded reinsurance premium cost were the primary factors contributing to the increase in earned premium.
Shareholders’ equity as of September 30, 3009 increased $5,777,000 to $40,425,000 from $34,648,000 at December 31, 2008. The most significant factor leading to the increase was the recovery in market value of available-for-sale securities which totaled $4,533,000, net of tax. Adding to the improvement in the Company’s capital position was year-to-date net income of $2,224,000 and a gain on the interest rate swap of $130,000. Shareholders’ equity at September 30, 2009 was reduced by dividends paid of $1,110,000.
The National Security Group, Inc., through its property & casualty and life insurance subsidiaries, offers property, casualty, life, accident and health insurance in twelve states. For more financial information please visit the investor section our website www.nationalsecuritygroup.com.
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